6th Sep 2013 07:50
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd Friday said it would raise between GBP100 million and GBP240 million through a share placing to fund the acquisition of a portfolio of three public-private partnership projects for GBP103 million and to refinance existing bank facilities.
It said it would place up to 218.3 million shares at between 107 pence and 111 pence.
It current bank facility is drawn to GBP123.4 million.
The PPP projects are a 75% holdings in North Staffordshire Hospital, a 40% shareholding in a Barnsley school building project, and a 50% holding in Kelowna and Vernon Hospital, Canada.
"The new projects, two in the UK and one in Canada, meet our strict investment criteria, and complement our existing portfolio of high quality, low risk projects, allowing us to continue to deliver a stable and secure income to our investors," JLIF Chairman Paul Lester said in a statement.
The stock was down 2.4% at 113 pence early Friday, the biggest decline on the FTSE 250.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
John Laing Infrastructure Fund